Who Buys Properties in South Richmond?

Question

Hello Everyone,

I recently wrapped up a deal with a seller in Brookland Park (Northside) of Richmond, VA. I followed up with him yesterday and he told me he is thinking about selling a property on the Southside of the city in the Manchester area and asked if I was interested.

I know that this area has seen a lot of investors close to the river but looks much different the further you get from there. The subject property is on Warwick Ave.

I'd like to get some feedback on the area from someone who knows it better than I do.

Thanks!

Keyword Tags: Northside, RVA, Church Hill, VCU, Virginia, Rental, Chesterfield, Midlothian, Henrico, Petersburg

Kelly Hall · Answer

Hello Ethan,Congrats on your Brookland Park sale. Richmonders would not consider Warwick Ave apart of Manchester, it gets more lumped into "Jefferson Davis area" or Broad Rock. This area is a whole different world from Brookland Park. Brookland Park is one of the hottest neighborhoods for 20 and 30 year olds (singles, couples, and families) to move to. The only neighborhood hotter is Church Hill, but unless you want to drop 250k+, you go to Brookland Park instead. Manchester is also rebounding, but due to other issues (which will take a much longer conversation), growth will continue in Northside and Eastside before the single-family market in Manchester sees a lot of action. The area around Warwick is higher poverty and higher crime. I have a tolerance for tough neighborhoods (currently looking to invest in an area of Philadelphia that is an open air drug market), but this area is not my cup of tea. Now, I'm a huge fan of make no judgment until you have boots on the ground on that exact block, because you never know until you know. If you are looking to invest in southside Richmond, look at neighborhoods along Semmes and Forest Hill Avenue such as Woodland Park, Reedy Creek, and Forest Hill Terrace. Skip Forest View until the crime levels out. If you find tri or quad, let me know! Looking to owner-occupy one!

Ethan Perry · Answer

Will keep that in mind, thanks

Ethan Perry · Answer

Thank you all for your input. The seller decided to hold on his property after all but this is good information for the next one that comes across my desk in that area.

Thanks again!

John Pierce · Answer

I have 2 houses in that area.  If you look at a map of Richmond, the map calls the area immediately south of Manchester "South Richmond."

In general, this is a working class area that has rents and property values steadily rising.  A 2 bedroom house in this area should rent for around $850 and a 3 bedroom house for around $1100 through Section 8.  Outside of the Section 8 program, expect those numbers to be slightly lower.

Patrick Devlin · Answer

I agree with @Kelly Hall and @Adrian Stamer on this one.  Manchester is a hot buzzword in the market, but really only in certain pieces.  Warwick Ave. is a long way from the hotbed of investment in Manchester and likely won't benefit much from that current redevelopment.

I'm probably not going to do anything in that neighborhood.  That said, I'd be interested to hear if you come across future opportunities in the area.

Kelly Hall · Answer

@Ethan Perry Feel free to chat me if you ever want to talk Richmond neighborhoods. I am looking to buy and occupy a duplex, 3-unit, or 4-unit within Richmond City, preferable in neighborhoods I want to live in (Fan/Museum, Church Hill, Northside, Scotts Addition, etc.). I have found a few, crunched the numbers, but have not been satisfied. Plus, other personal factors holding me back --- I am in a fantastic rental situation with great landlords, no rent increase, and neighbors that have become family, its hard to let that go.

Adrian Stamer · Answer

People like to say Manchester but it really just refers to a very small area... most of the time the properties are out of it

Ethan Perry · Answer

Thanks for the input @Kelly Hall that's exactly what I meant by knowing the area better than I. I visited the Manchester Area last weekend to check on another lead and that area has a much different vibe than the subject property. Like you say, not necessarily a bad thing, but most certainly a different thing.

Where do you want to buy the multi fam? Richmond city only or will you consider other areas? What price point and does it have to be 3-4? Duplexes or 5+?

Who Buys Properties in South Richmond?

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